Flagg records adjusting entries at its December 31 year end. At December 31, employees had...
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Accounting
Flagg records adjusting entries at its December 31 year end. At December 31, employees had earned $10,400 of unpaid and unrecorded salaries. The next payday is January 3, at which time $26,000 will be paid. Prepare the January 1 journal entry to reverse the effect of the December 31 salary expense accrual.
Multiple Choice
Debit Salaries expense $10,400; credit Salaries payable $10,400.
Debit Salaries expense $15,600; debit Salaries payable $10,400; credit Cash $26,000.
Debit Salaries payable $15,600; credit Cash $15,600.
Debit Salaries payable $10,400, credit Salaries expense $10,400.
Debit Salaries expense $15,600; credit Salaries payable $15,600.
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